May 16, 2018
Dear partners, hello! As you know, the last six months were the most unstable and difficult period in the work of our platform.
Given the current circumstances, we are obliged to publicly disclose 2 important facts. First, the difficulties arose due to the unfair execution of the transaction by the previous owner of the business. If we specify-the management of the previous platform did not transfer more than 40% of investment funds and ceased to communicate in March 2018. This capital was replenished at the expense of own insurance assets of Armada Trust Management and now this asset is depleted. Secondly, we must recognize that our brand traders have also made mistakes in the process of risk diversification and decision-making in trading transactions, which has led to an increase in the financial burden on the company's budget.
You already know that on March 8, 2018, the Japanese financial services Agency (FSA) issued an order to suspend the activities of two crypto — exchange exchanges-FSHO and Bit Station. In this connection, the bulk of the capital of the financial product CryptoMix was also frozen. According to the regulator, the exchanges were to resume their work on April 7, 2018. However, the day before, April 6 NASA released new information, according to which the situation with the exchanges only tightened. The cryptocurrency market suffered significant losses in the first quarter, having lost 59% of market capitalization since the beginning of January. According to Coinmarketcap, which does not account for the data from the Korean stock exchanges, the total market capitalization of crypto-currency markets at the beginning of January was approximately $610 billion on the Eighth of January had reached a high of $820 billion, after which the value dropped by nearly 70%. Now the capitalization is kept at $250 billion.
Against the General background of the events taking place in the cryptocurrency market, we have received a stable decrease in volatility, and unpredictable speculation in the market from major players has only led to new serious losses. As of December 2017, any withdrawal of Fiat funds became unprofitable, which is why after the suspension of the Crypto Mix program, we continued payments in the crypto currency. Traders of the company tried to restore the balance of capital by all means, due to which payments in the crypto currency continued despite the difficulties encountered, however, we are forced to admit with regret that the work done was not enough to get out of the situation.
Despite multiple attempts of crisis management (Crypto Step launch), Armada Trust Management company has suffered huge losses and currently has no possibility of successful operation. In this regard, from 16.05.18 Armada Trust Management platform goes on an unscheduled financial vacation. We thank all the active participants of the project for their contribution to the development of the company and apologize to all the partners who were affected by these circumstances. The above information applies to all applicable programs of the company. The resumption of work of all financial modules is expected not earlier than the 4th quarter of 2018. We are currently focused on developing new strategies and financial products that will be created taking into account all the difficulties we have faced over the past six months.
We apologize to all partners of the company and hope for the correct understanding of the situation. When the financial side of the issue is finally settled and we are ready to ensure the solvency and long-term for all deposits, we will send an invitation to all registered investors to the mobile number and e-mail, for those partners who will resume cooperation with us, special conditions will apply.